Healthcare Startups in India: Transforming the Healthcare Landscape
India has a rapidly growing population and an increasing demand for healthcare services. However, the healthcare infrastructure in India is underdeveloped and faces a shortage of resources, including trained medical professionals, medical equipment, and affordable healthcare solutions. This presents a significant challenge for the Indian government and private sector to meet the country's rising demand for healthcare services. Healthcare startups in India have the potential to play a crucial role in bridging this gap and transforming the healthcare landscape in the country.
Healthcare Startups in India can Bridge the Gap in Healthcare Infrastructure
Firstly, healthcare startups in India can provide affordable and accessible healthcare solutions to the masses. With the use of technology, these startups can reach remote areas of the country, where healthcare services are often unavailable. In addition, healthcare startups can also provide innovative healthcare solutions, such as telemedicine, which can help patients consult with doctors remotely, thereby reducing the need for physical visits to hospitals and clinics.
Secondly, healthcare startups can help address the shortage of medical professionals in the country. These startups can provide training and education to individuals who wish to pursue a career in healthcare, thereby increasing the pool of trained professionals in the country. Healthcare startups can also leverage technology to develop innovative tools and solutions that can assist medical professionals in their work, thereby increasing their efficiency and productivity.
Government Schemes and Initiatives for Healthcare Startups in India
To support the growth of healthcare startups in the country, the Indian government has launched several schemes and initiatives. The National Health Stack, launched in 2018, aims to create a shared digital infrastructure for healthcare services in the country, which can be leveraged by healthcare startups. In addition, the Atal Innovation Mission (AIM) and the Start-up India scheme provide financial and technical support to startups in the country, including those in the healthcare sector. The Pradhan Mantri Jan Arogya Yojana (PMJAY), launched in 2018, provides free healthcare services to low-income households in the country, thereby creating a market for healthcare startups to provide affordable and accessible healthcare solutions.
What is National Medical Devices Policy 2023
In a bid to innovate and help the growth of healthcare startups in India, the National Medical Devices Policy 2023 could play a crucial role.
India’s healthcare startup sector is set to benefit from the National Medical Devices Policy 2023, which aims to reduce the country’s reliance on imports and become one of the top five global manufacturing hubs. The policy will promote research and development, establish Centers of Excellence in academic and research institutions, and support start-ups in the medical devices sector.
India has one of the lowest per capita spends on medical devices at $3, compared to the global average of per capita consumption of $47, and significantly lower than the per capita consumption of developed nations like the US at $415 and Germany at $313. The policy will also make costly medical devices affordable and easily accessible, ensuring larger use across hospitals and providing better quality healthcare and affordable treatment.
Hence, there is a huge opportunity for startups and MSMEs in the healthcare ecosystem to build and innovate.
The Vision of the National Medical Devices Policy 2023
Accelerated growth path with a patient-centric approach and emerge as the global leader in the manufacturing and innovation of medical devices by achieving a 10-12% share in the expanding global market over the next 25 years. The policy is expected to help the Medical Devices Sector grow from the present $11 Bn to $50 Bn by 2030.
The mission of the National Medical Devices Policy 2023
The medical devices sector in India is pegged to be worth $11 billion (that is ₹90,000 crore) in 2020, with the policy aiming to achieve a 10-12 percent global market share in the next 25 years. The immediate short-term goal is to be a $50 billion industry by 2030. The US dominates the global market with a 40 percent market share, followed by Europe and Japan at 25 and 15 percent, respectively.
The National Medical Devices Policy 2023 will be in addition to the existing Production Linked Incentive (PLI) schemes that are underway. Under the PLI scheme, 26 projects have been approved, with a committed investment of ₹1,206 crore. Some 14 products have been commissioned, and the domestic manufacturing of high-end medical devices has begun. The remaining 12 products will be commissioned in the near future.
The National Medical Devices Policy 2023 will encourage private investments, venture capital funding, and Public-Private Partnerships in the medical devices segment. It will also promote the skilling, reskilling, and upskilling of professionals in the medical device sector, through help from the Ministry of Skill Development and Entrepreneurship. This will ensure the availability of skilled manpower and produce future-ready MedTech human resources. The policy will also make partnerships with foreign academic institutes and industry organizations to develop med-tech, initiate studies and projects for learning the best global practices of manufacturing, and adopt globally successful models in India. Furthermore, it will promote more forums to bring together various stakeholders.
In conclusion, the National Medical Devices Policy 2023 is set to boost India’s healthcare startup sector by reducing import dependence, increasing per capita spending on medical devices, and promoting research and development, innovation, and start-ups in the medical devices sector. The policy aims to make high-end medical devices affordable and easily accessible, ensuring larger use across hospitals and providing better quality healthcare and affordable treatment.